SGBN and Savannah Banks to be revived

 The Central Bank of Nigeria (CBN) will give some loan facility to embattled Societe Generale Bank of Nigeria (SGBN) as well as Savannah Bank, to enable them effectively recapitalise and come back to business.

It was learnt that each of the banks may get as much as N20 billion although it remains unconfirmed.

Martins Tokunbo, CBN’s director of banking supervision affirmed that what each bank gets would depend on the monies required to meet other funding obligations after meeting the minimum capital requirements.

She however stressed that the facility would be subject to a few conditions, including a satisfactory risk management framework and evidence of good corporate governance, among others.

I am waiting to see how all these unfold.